v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) Before Provision for Income Taxes
The components of the Company’s income (loss) before provision for income taxes are as follows (in thousands):
Year Ended December 31,
202420232022
U.S.$113,045 $136,498 $34,344 
Foreign(363,621)40,659 (39,296)
Income (loss) before provision for income taxes$(250,576)$177,157 $(4,952)
Schedule of Components of Income Tax Expense (benefit)
The provision for income taxes charged to operations consists of the following (in thousands):
Year Ended December 31,
202420232022
Current expense (benefit):
Federal$21,686 $26,592 $12,826 
State2,707 5,678 1,630 
Foreign3,075 16,509 7,725 
27,468 48,779 22,181 
Deferred expense (benefit):
Federal(1,361)942 (6,160)
State(406)(327)(960)
Foreign(35,883)(9,477)(24,445)
(37,650)(8,862)(31,565)
Total income tax expense (benefit)$(10,182)$39,917 $(9,384)
Schedule of Deferred Tax Assets and Liabilities
Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):
December 31,
20242023
Deferred tax assets:
Bad debts$143 $164 
Inventories5,439 3,528 
Accrued warranties4,753 4,336 
Accrued compensation496 569 
Net operating loss4,247 2,181 
Equity-based compensation2,769 3,222 
Lease liabilities4,982 5,794 
Premium on capped call7,777 9,376 
Interest expense carryforward80 3,411 
Capitalized research and development expenses6,405 2,000 
Other5,164 4,580 
Deferred tax assets42,255 39,161 
Valuation allowance(11,181)(2,360)
Deferred tax assets, net31,074 36,801 
Deferred tax liabilities:
Property, plant, and equipment(2,349)(2,825)
Intangible assets(28,450)(79,913)
ROU assets(3,919)(5,051)
Deferred tax liabilities(34,718)(87,789)
Deferred tax asset (liability), net$(3,644)$(50,988)
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of income tax expense computed at the federal statutory rate of 21% to actual income tax expense at the Company’s effective rate is as follows (in thousands):
Year Ended December 31,
202420232022
Income tax rate reconciliation
Income tax expense (benefit) at U.S. statutory rate$(52,621)$37,204 $(1,040)
State income taxes
1,732 4,150 530 
Officer’s compensation350 518 740 
Equity-based compensation595 (932)712 
Contingent consideration26 622 (947)
Tax credits(4,554)(407)(421)
Non-U.S. income taxed at different rate than U.S. statutory rate (15,135)2,658 (4,274)
Non-U.S. indirect tax incentives975 (5,035)(4,183)
Foreign derived intangible income benefit— (403)(1,668)
Transaction costs— — 1,628 
Non-deductible Goodwill Impairment49,560 — — 
Change in valuation allowance7,760 911 (534)
Uncertain tax benefits714 — — 
Nondeductible expenses481 299 10 
Other(65)332 63 
Total income tax expense (benefit)
$(10,182)$39,917 $(9,384)
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the unrecognized tax benefits included within Other long-term liabilities on the consolidated statement of operations is as follows (in thousands):
Year Ended December 31,
202420232022
Unrecognized tax benefits – January 1$— $— $— 
Gross increases – tax positions in prior period533 — — 
Gross decreases – tax positions in prior period— — — 
Gross increases – tax positions in current period181 — — 
Settlement— — — 
Lapse of statute of limitations— — — 
Unrecognized tax benefits – December 31$714 $— $—